Abstract
The previous Chapter presented evidence that the Federal Reserve was responsive to monetary policy signaling from the executive branch only under the Chairmanships of Arthur Burns and Paul Volcker during the 1970–1974 and 1979–1984 periods respectively.1 In Chapter Three it was said that these two periods were characterized by unusually high levels of Congressional concern regarding central bank budgetary authority, regulatory powers and monetary policy autonomy.
We aren’t getting any signals from politicians. I can’t see any reason to deviate.
— Anonymous Fed official in Wall Street Journal, July 21, 1980
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Havrilesky, T. (1993). Federal Reserve Responsiveness to Threat-Augmented Signaling. In: The Pressures on American Monetary Policy. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-2228-4_6
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DOI: https://doi.org/10.1007/978-1-4757-2228-4_6
Publisher Name: Springer, Boston, MA
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